$QMCO
QUANTUM CORP /DE/

2018 Q3 Form 10-Q Financial Statement

#000119312519227246 Filed on August 23, 2019

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $89.91M $111.8M
YoY Change -19.57% -17.04%
Cost Of Revenue $54.39M $66.47M
YoY Change -18.18% -15.88%
Gross Profit $35.53M $45.32M
YoY Change -21.61% -18.68%
Gross Profit Margin 39.51% 40.54%
Selling, General & Admin $30.75M $37.33M
YoY Change -17.62% -3.58%
% of Gross Profit 86.57% 82.37%
Research & Development $7.862M $10.19M
YoY Change -22.85% -10.62%
% of Gross Profit 22.13% 22.49%
Depreciation & Amortization $1.100M $1.200M
YoY Change -8.33% -7.69%
% of Gross Profit 3.1% 2.65%
Operating Expenses $38.91M $47.59M
YoY Change -18.24% -5.07%
Operating Profit -$3.383M -$2.271M
YoY Change 48.97% -140.61%
Interest Expense $4.636M $2.638M
YoY Change 75.74% 77.64%
% of Operating Profit
Other Income/Expense, Net -$196.0K $77.00K
YoY Change -354.55% 670.0%
Pretax Income -$20.64M -$4.871M
YoY Change 323.73% -218.31%
Income Tax $977.0K $228.0K
% Of Pretax Income
Net Earnings -$21.62M -$5.099M
YoY Change 323.95% -225.22%
Net Earnings / Revenue -24.04% -4.56%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$0.61 -$0.15
COMMON SHARES
Basic Shares Outstanding 35.55M 34.58M
Diluted Shares Outstanding 34.58M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.700M $9.500M
YoY Change -40.0% -67.8%
Cash & Equivalents $5.704M $13.98M
Short-Term Investments
Other Short-Term Assets $11.29M $9.581M
YoY Change 17.85% 37.52%
Inventory $39.70M $49.00M
Prepaid Expenses
Receivables $76.30M $99.23M
Other Receivables $0.00 $0.00
Total Short-Term Assets $139.1M $180.5M
YoY Change -22.9% -11.47%
LONG-TERM ASSETS
Property, Plant & Equipment $8.925M $10.42M
YoY Change -14.35% -15.65%
Goodwill
YoY Change
Intangibles $86.00K $204.0K
YoY Change -57.84%
Long-Term Investments
YoY Change
Other Assets $6.120M $6.750M
YoY Change -9.33% 56.25%
Total Long-Term Assets $15.05M $36.08M
YoY Change -58.3% 111.87%
TOTAL ASSETS
Total Short-Term Assets $139.1M $180.5M
Total Long-Term Assets $15.05M $36.08M
Total Assets $154.2M $217.7M
YoY Change -29.16% -1.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.02M $48.49M
YoY Change -7.15% -4.66%
Accrued Expenses $29.15M $16.56M
YoY Change 76.02% -59.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $127.5M $57.00M
YoY Change 123.71%
Total Short-Term Liabilities $310.7M $235.2M
YoY Change 32.09% 35.37%
LONG-TERM LIABILITIES
Long-Term Debt $127.5M $76.49M
YoY Change 66.7% -41.02%
Other Long-Term Liabilities $10.56M $11.04M
YoY Change -4.28% 50.35%
Total Long-Term Liabilities $138.1M $112.1M
YoY Change 23.2% -34.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.7M $235.2M
Total Long-Term Liabilities $138.1M $112.1M
Total Liabilities $355.8M $363.1M
YoY Change -2.01% 5.46%
SHAREHOLDERS EQUITY
Retained Earnings -$684.3M -$621.0M
YoY Change 10.18% 3.86%
Common Stock $483.9M $476.4M
YoY Change 1.56% 1.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$201.6M -$145.5M
YoY Change
Total Liabilities & Shareholders Equity $154.2M $217.7M
YoY Change -29.16% -1.47%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$21.62M -$5.099M
YoY Change 323.95% -225.22%
Depreciation, Depletion And Amortization $1.100M $1.200M
YoY Change -8.33% -7.69%
Cash From Operating Activities $100.0K -$1.300M
YoY Change -107.69% -53.57%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$1.100M
YoY Change -45.45% 57.14%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$900.0K -$1.100M
YoY Change -18.18% 37.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.700M 3.100M
YoY Change -219.35% -306.67%
NET CHANGE
Cash From Operating Activities 100.0K -1.300M
Cash From Investing Activities -900.0K -1.100M
Cash From Financing Activities -3.700M 3.100M
Net Change In Cash -4.500M 700.0K
YoY Change -742.86% -113.73%
FREE CASH FLOW
Cash From Operating Activities $100.0K -$1.300M
Capital Expenditures -$600.0K -$1.100M
Free Cash Flow $700.0K -$200.0K
YoY Change -450.0% -90.48%

Facts In Submission

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CY2017Q3 us-gaap Additional Paid In Capital Common Stock
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CY2017Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-21703000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.82
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
278000
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.047
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-30069000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Paid In Kind Interest
PaidInKindInterest
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
286000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1019000
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
127200000
CY2018Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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109000000
CY2018Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
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CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
164000
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3044000
CY2018Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
127514000
CY2018Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
7500000
CY2018Q3 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
337000
CY2018Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
45000
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
0
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
115986000
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
11331000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
22085000
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
83000
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
778000
CY2018Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
9670000
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11565000
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
164000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
41000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
176000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.101
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
2784000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-176000
CY2018Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
127851000
CY2018Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
123531000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management&#8217;s experience and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company&#8217;s assets and liabilities and the results of operations. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2370000
CY2017Q3 us-gaap Subordinated Debt Current
SubordinatedDebtCurrent
57034000
CY2017Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
22255000
CY2017Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
76491000
CY2017Q3 us-gaap Liabilities
Liabilities
363129000
CY2017Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
317000
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-598000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1012000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2709000
qmco Restructuring Charges To Operating Expense
RestructuringChargesToOperatingExpense
1701000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
175000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34338000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34338000
CY2017Q3 qmco Restructuring Charges To Operating Expense
RestructuringChargesToOperatingExpense
70000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34580000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34580000
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
77000
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.101
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
217650000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12425000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-39000
CY2018Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12425000
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-39000
qmco Non Cash Gain Loss On Extinguishment Of Debt
NonCashGainLossOnExtinguishmentOfDebt
-12425000
qmco Non Cash Gain Loss On Extinguishment Of Debt
NonCashGainLossOnExtinguishmentOfDebt
-39000
us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
511000
us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
733000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-3000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-2000
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
43000
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
-72000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
275000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
6030000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-6000
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1600000
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Trading Symbol
TradingSymbol
QMCO
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2018Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
35551570
dei Security12b Title
Security12bTitle
Common Stock
dei Security Exchange Name
SecurityExchangeName
NONE
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
QUANTUM CORP /DE/
dei Entity Central Index Key
EntityCentralIndexKey
0000709283
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1694000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1525000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2121000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1525000
CY2018Q1 qmco Service Parts Inventories Component Parts
ServicePartsInventoriesComponentParts
7026000
CY2018Q3 qmco Service Parts Inventories Finished Goods
ServicePartsInventoriesFinishedGoods
13302000
CY2018Q1 qmco Service Parts Inventories Finished Goods
ServicePartsInventoriesFinishedGoods
14863000
CY2018Q3 qmco Service Parts Inventories Component Parts
ServicePartsInventoriesComponentParts
5340000
CY2018Q3 qmco Service Parts Inventories
ServicePartsInventories
18642000
CY2018Q1 qmco Service Parts Inventories
ServicePartsInventories
21889000

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